Abacus raises capital

Abacus Property Group recently raised $75m from institutional and sophisticated investors at a price of $2.24, slightly below the current market price. A share purchase plan for retail investors will be announced early next year, though we’d prefer it were done simultaneously with the institutional offer to know whether we were being treated fairly or not. The proceeds will be used to make acquisitions, but without the financial details it’s too early to know whether all this activity will add value. The fact that major shareholder Kirsch Group participated fully in the raising provides a degree of comfort and,...

Abacus Property Group recently raised $75m from institutional and sophisticated investors at a price of $2.24, slightly below the current market price. A share purchase plan for retail investors will be announced early next year, though we’d prefer it were done simultaneously with the institutional offer to know whether we were being treated fairly or not.

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